120亿，南开伉俪IPO敲钟了

Core Viewpoint - The article highlights the successful journey of Rebio Biotech, which became the first small nucleic acid drug company to go public in Hong Kong, marking a significant milestone in China's biopharmaceutical industry. The company has received long-term support from investors, particularly from Panhlin Capital, which has invested in multiple rounds over the past decade, demonstrating the value of patient capital in the innovation-driven healthcare sector [2][9]. Group 1: Company Background - Rebio Biotech was founded in 2007 by scientists Liang Zicai and Zhang Hongyan, who returned to China after studying abroad, aiming to explore small nucleic acid innovation [3][4]. - The company has developed a comprehensive technology system covering the entire process from target discovery to clinical development, with seven self-developed drug assets currently in clinical trials [5][9]. Group 2: Investment Journey - Panhlin Capital has been a long-term investor in Rebio Biotech, participating in six funding rounds since 2015, which has allowed the company to navigate various critical phases of technological validation and market fluctuations [6][9]. - The first investment by Panhlin Capital was made during a challenging market period, reflecting their belief in the potential of Rebio Biotech and the importance of supporting innovative companies during tough times [8][11]. Group 3: Market Recognition and Future Outlook - In 2023, Rebio Biotech entered into a significant partnership with Boehringer Ingelheim, valued at over $2 billion, marking a milestone for Chinese small nucleic acid technology on the global stage [5][10]. - The article emphasizes the ongoing growth potential in China's biopharmaceutical sector, driven by aging populations and unmet clinical needs, suggesting that the golden age of Chinese biomedicine is just beginning [10][11].